India, Australia to invest $3 mn each in critical mineral exploration

State-owned firm to lead first-such investment by India for energy security

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A government statement said in 2019 that KABIL would carry out identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting the country's requirement of these minerals

3 min read Last Updated : Apr 06 2023 | 5:21 PM IST

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India and Australia, in the first such partnership between them, will jointly invest $3 million each for five critical mineral exploration projects in Australia. KABIL, a state-owned firm, will lead the investment for the Indian government, said officials.

Details of the partnership agreement—initiated during the Australian Prime Minister’s visit to Delhi last month—are being finalised and the investment will be the first step in building a critical mineral supply chain, said a senior Indian official.

“This is one of our first and major overseas investments in critical mineral exploration. It is part of our plan to have critical mineral ownership to secure supply for our energy security,” said the official. The five projects are currently at the exploration stage and the Indian government will look at supplies later.